US asset managers fall as Trump re-ignites trade war fears

Shares of U.S. asset managers fall premarket after President Donald Trump threatens 50% tariffs on the European Union starting June 1, along with 25% tariffs on Apple APPL.O phones made outside the U.S.

Invesco IVZ.N and Apollo APO.N fall 3.5%, Blackstone BX.N falls 2.4%, and KKR KKR.N down 2.3%,

Charles Schwab SCHW.N down 1.8% and BlackRock BLK.N down 1.4%

The developments follow weeks of progress on trade talks between the U.S. and its largest trading partners, including the EU and China, which had eased concerns of a global trade war

"The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with," Trump said on Truth Social